Category: International Insurance News

News from around the world and how change in this industry affects other lines of business globally.

Amazon to sell business insurance in the United Kingdom

Marc
Business insurance - Amazon

The marketplace has announced its intentions to begin selling to small- and medium-sized companies. Amazon.com Inc. has announced that it will begin selling business insurance to small- and medium-sized companies in the United Kingdom. This represents the first step the tech giant has taken into that market in the UK. The business insurance coverage will become available to members of Amazon’s Business Prime program. Those members will be able to purchase policies from Superscript that will include coverage such as contents, professional indemnity, and cyber. According to a spokesperson from…

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Insurance companies take a powerful hit from severe weather in China

Marc
Insurance companies - flooded streets in china

Severe flooding, earthquakes, hurricanes and other disasters are leading to massive catastrophic losses. Insurance companies are feeling more than just a pinch from providing coverage in China. The country has faced massive severe rainstorms, flooding and other disasters, and they are becoming increasingly commonplace. July’s flooding in Henan broke a record for single most costly event with $1.7 billion in insured losses. This has been particularly hard on insurance companies selling property and casualty coverage, said an S&P Global Ratings report tracking losses to August 3. The rainfall in Henan…

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Insurance Agency Management Software: Criteria, Benefits, and Types

Guest Author
Insurance Agency Management Software: Criteria, Benefits, and Types

Insurance companies deal with a vast amount of data that needs to be managed. However, even with a well-managed workflow, it can be challenging to predict issues that’ll emerge. This is where insurance management software is good for. Keep up with this post to know how to choose the right software solution for insurance companies and what advantages these systems bring. The Key Criteria of Insurance Agency Management Software Insurance management systems include both CRM software and ERP software features. These tools boost effective business management. Their primary goal is…

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Lloyds insurance communication failures lead to $125 million

Marc
Insurance communication - GBP and Gavel

The unit was fined £90.7 million for failing to ensure its policy language for home coverage was clear. Lloyds Banking Group Plc. (LON stock symbol LLOY) has been fined £90 million ($125 million) for insurance communication failures. The fine was issued by the UK Financial Conduct Authority for the insurer’s unclear policy language. The UK Financial Conduct Authority (FCA) fined Lloyds for its insurance communication failures in the language it used in millions of homeowners’ policies. According to the FCA, the Lloyds insurance division issued almost nine million communications between…

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Allstate survey shows motorists shut off nuisance driver assistance technology

Julie Campbell
Driver assistance technology - Car with GPS tech

As vacation season begins in Canada, the insurer is encouraging motorists to use the tech properly. Vacation season is heading into full swing in Canada, where a recent Allstate survey has found that motorists are annoyed by driver assistance technology and have been shutting it off. The insurance company is hoping to emphasize the importance and benefit of using the tech as recommended. To an increasing degree, vehicles are being equipped with driver assistance technology as a standard feature. These include vehicle proximity alerts, rear-view cameras and others. Some of…

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Trapped Suez Canal ship Ever Given insurance providers face millions in claims

Julie Campbell
Ever Given Insurance - Image of Cargo Ship

The owner of one of the largest container ships in the world is making massive insurance industry news. The Ever Given insurance claims following the container ship’s disastrous blockage of the Suez Canal are expected to total millions of dollars. In fact, insurance industry news sources were already predicting that total even if the massive ship had been rapidly refloated. The 247,000-ton, 1310-foot ship ran aground last Tuesday morning after it lost its steering. A dust storm and high winds contributed to the container ship’s loss of control, according to…

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Zurich Insurance Group shares 2020 performance results

Nordstrom
Zurich Insurance Group - Business - Results

The Swiss firm has become the latest insurer to unveil its data from a unique time last year. Zurich Insurance Group has joined several other insurers in sharing its insurance industry 2020 performance. The chief executive of the group, Mario Greco, has expressed confidence moving forward, despite seeing dropping results across all the insurer’s primary business lines. The insurer’s net income attributable to shareholders fell by 8 percent in 2020 compared to 2019. That said, despite the fact that it saw an 8 percent year over year reduction, it still…

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